-LRB- CNN -RRB- The idea of sustainable development is that raw capitalism is far too powerful for its own good . Global capitalism is a juggernaut , with the world economy now doubling in size every generation . Yet on a finite Earth , with a billion new people being added every 15 years , that juggernaut is now laying siege to the physical bases of life and the social support systems that make life pleasant and decent . Sustainable development offers a path out of this growing crisis .

The reality is that raw capitalism is the economics of greed . Unleash greed , the theory goes , and type-A personalities around the world will spend inordinate energy to organize businesses , invent new products , and thereby raise well-being .

And in some sense , there 's a lot to say for this theory . After all , the world economy has expanded at least 100-fold since modern industrial capitalism first found its footing in Britain around 1800 , and for most of the world , living standards have risen markedly along the way .

Yet history has also taught us that the `` Invisible Hand '' of the free market is a little less miraculous than it looks . Instead , untrammeled greed also leads to massive fraud , mega-tax evasion , pervasive bribery , modern slavery , rising inequalities , and environmental destruction . Perhaps most important , it feeds moral blindness . Too many of the super-rich , whether they are calling for drilling in the Arctic for oil or encouraging the cutting down of the rainforests for tropical hardwoods , simply deny the irreparable damage they are causing to the planet .

It ¹ s no surprise that the Wall Street Journal runs anti-environmental editorials on what feels like a daily basis . The environment is a nuisance and a hindrance to greed . And greed rules the moral order at the top of raw capitalism . Novelists , ethicists , activists , unionists , preachers , teachers , and others have long known these facts , but the juggernaut has proved hard to tame . Unleash greed as the supreme economic good , and it is greed that we get as the ultimate moral arbiter .

Sustainable development is a doctrine that says : Let us once again place the economy on a true moral foundation and we 'll keep greed within bounds , ensuring the economic growth is combined with social fairness and environmental sustainability .

The idea of sustainable development is that an economy must satisfy all three principles : economic growth , social fairness and environmental sustainability . Yes , there can and should be economic growth , especially for today 's developing countries . Human ingenuity and markets can indeed lead us to higher living standards and longer lives for all parts of the world , rich and poor alike . But these gains should be widely shared and should never be based on the exploitation of those at the bottom of society . Social inclusion has been widely shown to improve societal progress broadly for all . And equally important , those gains should be based on true value added , not on the destruction of natural capital , whether through deforestation , climate change , or pollution of air , land , and water .

Thus , sustainable development calls for a holistic approach that combines economic , social , and environmental objectives . This balanced approach is much harder to achieve than the raw capitalism that places the economy above society and the physical Earth . Yet it recognizes that we are doomed to conflict and even collapse if we fail to promote social equality and environmental sustainability .

Just look at the recent news . Last year was the Earth 's hottest year on record , and another year of mega-storms , droughts , floods , and heat waves . Major parts of the world , from Pakistan and Iran to California and Brazil , are experiencing mega-droughts , and the prospect of catastrophic water scarcity in the future unless something changes . And even as the world economy grows and millions escape extreme poverty , our societies become more unequal , less trusting , and corrupt . All over the world , there is unrest on the streets even as our generation is the beneficiary of unprecedented technological knowhow and material progress .

In my new book , The Age of Sustainable Development , I ¹ ve not only analyzed the trends of growing inequality and rising environmental destruction , but have also shown how the concepts of sustainable development can be used to chart a way out of our growing crisis . It turns out that with goodwill , cooperation , greed kept in check , and technological savvy , we can build a modern global economy that is productive , inclusive , and environmentally sustainable all at the same time .

The ongoing revolution of information and communications technology -LRB- ICT -RRB- is an incredibly powerful enabler of new sustainable technologies . And doubters about the feasibility of sustainable development should have a look at Scandinavia ¬ Denmark , Norway , and Sweden , as they are the closest on the planet to achieving this Trifecta of prosperity , fairness , and sustainability .

Consider the challenge of climate change , for example . Big Oil and Wall Street executives too often simply deny the science . Yet a science-based sustainable development perspective shows that not only is human-induced climate change very real and very dangerous , but that it is also solvable at very low cost by switching over the next 30 years to electric vehicles , heat pumps , well-insulated buildings , smart ICT-enabled grid , wind and solar energy , and other low-carbon and energy efficient technologies .

If the world takes the time to do its homework and plan for the future , the world can bring the climate crisis under control and still enjoy a growing supply of quality energy services .

And , more generally , although the U.S. political system still feeds untrammeled greed by enabling super-rich campaign donors and lobbyists to buy the political class , the American people and much of the rest of the world are coming to recognize the urgency of sustainable development . That is why governments around the world will adopt Sustainable Development Goals -LRB- SDGs -RRB- this year , on the 70th anniversary of the United Nations . These new SDGs will become markers and guideposts for building a world that combines prosperity , fairness , and environmental sanity -- a world we truly want and need for ourselves and our children .

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Jeffrey Sachs : Raw capitalism is the economics of greed

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Last year was the Earth 's hottest year on record , he says